"We are very excited about our new name and the future of our credit union," KFCU President/CEO Brandon Ivie said. "By selecting our new name, we have made an investment in our future and have eliminated confusion with other similarly-named financial institutions in the area. We believe Strata provides a foundation for growth in the years ahead."

One of those similarly named credit unions is the $1.5 billion Kern Schools FCU also based in Bakersfield that serves more than 147,000 members and operates 15 branches.

"We chose the name Strata because it is distinctive, memorable, and suggests a smarter, more community-minded banking choice," Jennifer Brucker, KFCU's vice president of sales and membership said. "Like our membership and community, Strata is a formation whose strength is composed of its many parts. Our new name will also feature the tagline 'for life's priorities' to reflect our credit union's proactive service, better rates, lower fees, easy access to state-of-the-art banking technology, and culture of member advocacy."

In January, KFCU expects to announce details about its yearlong 70th anniversary celebration.

Five employees who worked for Kern County government established the credit union in February 1949. They pooled their savings account funds and used this as capital to make loans to their co-workers.

At that time, business was conducted on Saturdays or evenings after work in the board chair's kitchen. Loan decisions were made based on a member's career stability and income, and the first "mobile branch" was the trunk of a sheriff's patrol car.

KFCU serves nearly 20,000 members and employs 55 staff members.